Essays on Market Feasibility Analysis: Accounting Services Industry Term Paper

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The paper "Market Feasibility Analysis: Accounting Services Industry" is a great example of a term paper on marketing.   The accounting services industry in Australia is stable offering financial and management services to clients. The industry experienced fluctuations in growth during the global financial crisis because of the negative impact the crisis had on professional services firms. Business confidence fell during this period and there was a significant decline in demand for accounting and financial services. Nonetheless, the industry began to recover from 2009 and experienced strong growth of 6.0% in 2010-2011 (IBIS World, 2013).

Firms got strong returns as businesses looked to restructure and required accounting service for auditing and due diligence. The industry has experienced growth over the past years notably from the expansion of products and services (IBIS, 2013). The annual growth rate for the industry was 2.2% from 2008-2013 with a revenue of $ 17bn. There are 32, 431 businesses in the industry and 131, 642 employees. Firms in the industry offer a wide range of services such as bookkeeping, data entry, payroll reconciliation, payroll reconciliation of accounts, tax compliance, year-end, government remittance, and income tax.

Even during tough financial times, firms require bookkeeping services to keep on top of finances as well as government obligations, this means that the businesses in this industry are able to offer services during such times and are not significantly affected. Bookkeeping services are provided all year round. Government obligations for tax compliance also have to be met by both small and large business enterprises (Swift, 2007). The industry thus has a low volatility level because of the stable source of revenues arising from the essential nature of the financial services.

This means that both bookkeeping and tax compliance services will ensure that there is a market for the new business if all the other factors such as competition are well factored while starting the business. The accounting services industry as a whole consists of big corporate accounting and auditing firms, small business accounting, and personal accounting. The big four companies- Deloitte Touche, Ernst & Young, Price Water House Coopers, and KPMG - have a market share of 31.1% of the financial and accounting services whereas the rest-medium and small business enterprises take 69.9% (High Commission of India, 2012).

According to IBIS (2007), the small firms derive on average 20% of their revenue from business consulting and management services, audit as well as assurance services, financial investment and planning services and bankruptcy and insolvency services. They derive 30% from taxation and personal accounting services and 50% of their profits from the business taxation services.

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